Pepe Price Surge Spearheads Soaring Meme Coin Rally As WIF, WEN, FLOKI, MYRO And BONK All Ignite
Release: 2024/02/29 00:34 Reading: 285
The Pepe price is leading a soaring meme coin rally with a 53% surge during the past 24 hours and a parabolic 191% climb over the past week.
The meme coin is trading at $0.0000033 as of 6:30 a.m. EST following its stellar 24-hour performance. Solana meme coin Dogwifhat (WIF) had the second-highest gain as Wen (WEN), FLOKI (FLOKI), Myro (MYRO) and Bonk (BONK) all soared.
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Pepe Price Pumps As Meme Coin Market Soars
The meme coin market overall saw a 9% uptick in its collective market capitalization over the past 24 hours, boosting the sector’s valuation to above $27.6 billion. Its overall trading volume followed a similar trend, soaring over 91% to around $6.79 billion.
Pepe also experienced a doubling in its 24-hour trading volume to $1.8 billion, and it easily outperformed the market leaders Bitcoin (BTC) and Ethereum (ETH). BTC posted a 4% gain while the largest altcoin in terms of market cap saw its price rise just under 2% during the same period.
Data from Coinglass shows that the market’s latest rally caused approximately $4.4 million in short Pepe positions to be liquidated during the past trading day.
meme magick ✨? $PEPE pic.twitter.com/0YEhdrKzHJ
— Pepe (@pepecoineth) February 27, 2024
What Comes Next?
Following Pepe’s impressive performance, other frog-themed coins may begin to surge soon. This could benefit the recently launched Frogwifhat (FWIF), which soared 226% within minutes of going live on Feb. 26. New Solana meme coin challenger Smog (SMOG) also looks well positioned to gain amid the hype around its coming airdrop, said to be the greatest in history.
Aside from those, meme coin presales might also benefit from the rally amid expectations that they may explode on pent up demand and unrealised potential when they do list.
Two new launches that are ranked highly by many analysts are Scotty the AI and SPONGE V2, the latter of which saw its predecessor, Sponge V1, explode 100X on launch last year. Meanwhile, GameFi star Meme Kombat is due to list in just six days.
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